The partial exclusion of the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA) has been authorised by President Muhammadu Buhari. The president also approved MOFI’s proposal to add the minister of power to its governing council and to begin charging of management and transaction fees.
On Tuesday, the president’s media adviser Femi Adesina released a statement announcing that the president had given his blessing during the first meeting of MOFI’s governing council in Abuja.
On February 1, 2023, a new MOFI was unveiled with the goal of transforming it from a register of investment records into a leading asset and investment management firm.
Buhari insisted that the government should help MOFI, a government-owned investment firm, fulfil its duty to generate high returns on its investments and advance the country’s economy. He lauded MOFI board chairman Shamsuddeen Usman and the organization’s management staff, as well as Finance Minister Zainab Ahmed.
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“MOFI’s mission is to generate strong risk-adjusted returns, contribute to the well-being of Nigerians, and be a trusted steward of our nation’s assets and investments,” Buhari said.
MOFI has the capacity to transform businesses, drive innovation, and boost economic development because to its large portfolio and strategic investments across a variety of sectors. The Board and Management report on MOFI’s progress and accomplishments in its first three months in office has been very encouraging to me.
President Buhari said, regarding the Ministry of Finance’s recent reorganisation, that “it is a clear indication of the government’s commitment to harnessing and creating value from its assets and investments.”
He claims that the federal government can now better use its resources, make wise investments, broaden the economy’s tax base, boost overall income, revitalise public sector firms, and improve its transparency.
